Euphoric Trade Day Celebration

Trade surplus forecast to reach all-time high of $40 bln this year with Korea ranked 10th largest export nation

The 46th Trade Day sent euphoric messages to exporters this year that the trade surplus would reach $40 billion, the largest in history, with total exports forecast at $362 billion.
This year’s Trade Day ceremony at COEX in southern Seoul on Nov. 30, staged by the Korea International Trade Association and the support of the Ministry of Knowledge Economy, had some 1,200 government officials, exporters and heads of related organizations attending.
The government decorated 876 people in the export industry, many of them export firm executives, for making huge contributions to the export industry and the national economy. In addition, 1,504 firms received awards for exporting more than $100 million of goods, led by Hyundai Heavy Industries winning the $15 billion Export Tower, the top award in exports.
Chairman Kang Duk-soo of the STX Group and STX Offshore and Shipbuilding Co. won the Industrial Merit Gold Medal for his brilliant leadership in the growth of the shipbuilding company through exports of ships and M&As, acquiring Aker Yards of Norway, the largest builder of passenger and other ships in the world with shipyards in 15 locations in Europe, catapulting the company to the rank of 4th largest shipbuilder in the world.
The STX chairman was among the five heads of corporations who won the gold medals in recognition of their contributions to their respective companies record growth in recent years, especially, in exports of goods and services. President Kwon Young-soo of LG Display and Chairman Seo Jung-jin of CelltrionPharm also took gold medals at the Trade Day ceremony. Five corporate executives captured silver medals including President Lee Whi-young of SeAH Steel Co. in confirmation of his leadership in the expansion of steel pipe exports by the steel maker. Nine corporate executives won bronze medals, 10 won iron medals and 11 were awarded stone medals in confirmation of their achievements in providing support to exports in such areas as finding buyers and the exploration of new markets for export products.
Chairman SaKong Il of the Korea International Trade Association (KITA) said Korean exporters have done well this year, thanks to their die-hard efforts coupled with restructuring and intensive R&D activities to develop new products during the financial crisis of 2008 along with the hard work put in by workers and businesspeople.
He singled out semiconductor chips, displays, cell phones and autos for leading the way for increased exports, helped by the highly efficient new technologies developed by large corporations in tandem with SMEs’ relentless push to expand the sale of their products overseas.
KITA’s SaKong emphasized the need for the trade association to transform with the changing times because industrial structures as well as the way people think have completely changed from the 1960’s. ‘Export Day,’ which was created to commemorate the first $100 million in exports, has evolved during the past 46 years to become ‘Trade Day.’ During this time, trade volume has increased by 4,000 fold, creating a need for continuous innovation at KITA.
Chairman SaKong said, “In this digital age we cannot help our member companies with an analogue way of thinking. We will review afresh all of our tasks and actively identify new areas of business.” He went on to explain that this transformation by KITA will serve as a shortcut to realizing per capita GDP of $40,000 in Korea.
Moving beyond a one-time event, Trade Day was filled with various events such as international conferences, on/off-line trade consultations and trade employment consultations ― all part of the new changes taking place. The chairman added that KITA is coming up with measures to actively support the export of not only tangible goods, but also intangible products such as IT services.
Concerning the economic and trade outlook, Chairman SaKong was cautiously optimistic. He pointed out, “Trade volume fell faster at the start of the recent financial crisis than it did during the Great Depression of the 1930s. However, unlike then, international policy coordination led by the G-20 will prevent a long recession, and we are already seeing signs of recovery.” The chairman forecasted that Korea’s exports will also regain its growth backed by the recovery of the global economy.
Meanwhile, the chairman said the credit crunch is the most difficult challenge facing Korean exporters following the financial crisis. He emphasized, “There have been an increasing number of companies suffering from a credit crunch following the financial crisis that began last November. The Korean government and KITA predicted this in advance and have made efforts to preemptively deal with the situation. We will continue our efforts to resolve the credit crunch in the future.” nw

Changes in Future Global Trade

The Korea International Trade Association (KITA) and the Peterson Institute for International Economics (PIIE) based in Washington, D.C., hosted the international conference on The New Global Trading System in the Post-Crisis Era on Dec. 7 at the COEX Convention Center.
The conference was held on the sidelines of the celebration of the 46th Trade Day with world-renowned scholars and experts invited to discuss economic development and the importance of trade, harmonization of multilateralism and regionalism, and environmental issues.
Through the discussions on these issues, the conference set out to forecast the future of the global trading system and discuss the direction of Korea’s economy in today’s changing global environment.
Chairman SaKong Il of KITA made a welcoming speech to open the conference at 9:30 a.m., Dec. 7, followed by Minister Choi Kyung-hwan of the Ministry of Knowledge Economy with a congratulatory speech.
Pascal Lamy, director-general of the World Trade Organization delivered a keynote speech.
Dr. SaKong moderated the first session, which was a the panel discussion on “Trade and Development Based on the Korea Experience. “Dr. Ann Krueger, professor at Johns Hopkins University Graduate School of Advanced Studies, made a presentation.
The second session of the panel discussion was on “The Current Crisis and the Global Trading System,” moderated by Professor Jean-Pierre Lehman of IMD with a presentation by Jeffrey Schott, senior fellow at PIIE.
The third session dealt with “Korea’s FTA Policy” with Jeffrey Schott as moderator. Panel members included Wendy Cutler, assistant U.S. Trade Representative.
The fourth session was on “Green Growth, Climate Change and the WTO” with Patrick Low, chief economist at the WTO as moderator with a presentation by Gary Huffauer, senior fellow at PIIE.
The concluding session dealt with The Future of the Global Trading System with Dr. Ann Krueger as moderator. nw

Chairman SaKong Il of the Korea International Trade Association delivers a speech at the 46th Trade Day ceremony held at COEX in southern Seoul Nov. 30.

Changes in Future Global Trade

Forum discusses expected changes in global trading system in post-crisis era on sidelines of Trade Day celebration

Chairman SaKong Il of Korea International Trade Association delivers his opening speech at the international conference on the subject of “The New Trading System in the Post-Crisis Era held Dec, 7 at COEX in southern Seoul on the sidelines of the 46th Trade Day ceremony in Korea.

Dr. Ann Krueger, professor at Johns Hopkins University in Baltimore, the U.S. delivers her speech at the conference jointly sponsored by the Korea International Trade Association and the Peterson Institute for International Economics of Washington D.C. at COEX in southern Seoul.

Participants in the International Conference on the New Global Trading System in the Post-Crisis Era enters the lobby of Sheraton Walkerhill Hotel to attend the conference led by Chairman SaKong Il of the Korea International Trade Association.